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Fidelity Bonds, 2015-2024

($000)
Year Net premiums
written (1)		 Annual percent
change		 Combined
ratio (2)		 Annual point
change (3)
2015 $1,161,406 -0.3% 77.2 -15.5 pts.
2016 1,093,941 -5.8 78.5 1.3
2017 986,382 -9.8 73.9 -4.6
2018 1,215,050 23.2 73.3 -0.6
2019 1,274,461 4.9 78.4 5.1
2020 1,338,685 5.0 77.6 -0.8
2021 1,364,872 2.0 65.8 -11.8
2022 1,373,409 0.6 70.9 5.1
2023 1,368,115 -0.4 74.3 3.3
2024 1,307,590 -4.4 74.4 0.1

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded data.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Fidelity Bonds, 2014-2023

($000)
Year Net premiums
written (1)		 Annual percent
change		 Combined
ratio (2)		 Annual point
change (3)
2014 $1,165,280 3.7% 92.7 -0.2 pts.
2015 1,161,375 -0.3 77.3 -15.4
2016 1,093,925 -5.8 80.1 2.8
2017 986,403 -9.8 73.9 -6.1
2018 1,215,457 23.2 73.3 -0.6
2019 1,274,474 4.9 90.6 17.3
2020 1,338,681 5.0 77.6 -13.0
2021 1,362,893 1.8 66.1 -11.6
2022 1,374,180 0.8 70.9 4.8
2023 1,368,137 -0.4 74.4 3.5

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded data.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Fidelity Bonds, 2013-2022

($000)
Year Net premiums
written (1)		 Annual percent
change		 Combined
ratio (2)		 Annual point
change (3)
2013 $1,124,199 2.5% 92.9 -6.5 pts.
2014 1,165,280 3.7 92.7 -0.2
2015 1,161,375 -0.3 77.3 -15.4
2016 1,093,925 -5.8 80.1 2.8
2017 986,403 -9.8 73.9 -6.1
2018 1,215,457 23.2 73.3 -0.6
2019 1,274,474 4.9 90.6 17.3
2020 1,338,681 5.0 77.6 -13.0
2021 1,362,979 1.8 66.1 -11.6
2022 1,370,851 0.6 70.9 4.9

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Fidelity Bonds, 2012-2021

($000)
Year Net premiums
written (1)		 Annual percent
change		 Combined
ratio (2)		 Annual point
change (3)
2012 $1,096,406 -0.2% 99.4 -2.6 pts.
2013 1,124,199 2.5 92.9 -6.5
2014 1,165,280 3.7 92.7 -0.2
2015 1,161,375 -0.3 77.3 -15.4
2016 1,093,925 -5.8 80.1 2.8
2017 986,403 -9.8 73.9 -6.1
2018 1,215,457 23.2 73.3 -0.6
2019 1,274,474 4.9 90.6 17.3
2020 1,338,681 5.0 77.6 -13.0
2021 1,348,891 0.8 66.0 -11.6

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Fidelity Bonds, 2011-2020

($000)
Year Net premiums
written (1)		 Annual percent
change		 Combined
ratio (2)		 Annual point
change (3)
2011 $1,098,225 1.4% 102.0 6.2 pts.
2012 1,096,406 -0.2 99.4 -2.6
2013 1,124,199 2.5 92.9 -6.5
2014 1,165,280 3.7 92.7 -0.2
2015 1,161,375 -0.3 77.3 -15.4
2016 1,093,925 -5.8 80.1 2.8
2017 986,403 -9.8 73.9 -6.1
2018 1,215,457 23.2 73.3 -0.6
2019 1,274,474 4.9 90.6 17.2
2020 1,338,681 5.0 77.6 -12.9

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Fidelity Bonds, 2010-2019

($000)
Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2010 $1,082,534 -1.4% 95.8 -9.6 pts.
2011 1,098,225 1.4 102.0 6.2
2012 1,096,406 -0.2 99.4 -2.6
2013 1,124,199 2.5 92.9 -6.5
2014 1,165,280 3.7 92.7 -0.2
2015 1,161,375 -0.3 77.3 -15.4
2016 1,093,925 -5.8 80.1 2.8
2017 986,403 -9.8 73.9 -6.1
2018 1,215,457 23.2 73.3 -0.6
2019 1,274,474 4.9 90.6 17.2

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Fidelity Bonds, 2009-2018

($000)
Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $1,098,372 -3.7% 105.4 21.2 pts.
2010 1,082,534 -1.4 95.8 -9.6
2011 1,098,225 1.4 102.0 6.2
2012 1,096,406 -0.2 99.4 -2.6
2013 1,124,199 2.5 92.9 -6.5
2014 1,165,280 3.7 92.7 -0.2
2015 1,161,375 -0.3 77.3 -15.4
2016 1,093,925 -5.8 80.1 2.8
2017 986,403 -9.8 73.9 -6.1
2018 1,215,457 23.2 73.3 -0.6

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Fidelity Bonds, 2008-2017

($000)
Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2008 $1,140,617 -8.0% 84.2 7.7 pts.
2009 1,098,372 -3.7 105.4 21.2
2010 1,082,534 -1.4 95.8 -9.6
2011 1,098,225 1.4 102.0 6.2
2012 1,096,406 -0.2 99.4 -2.6
2013 1,124,199 2.5 92.9 -6.5
2014 1,165,280 3.7 92.7 -0.2
2015 1,161,375 -0.3 77.3 -15.4
2016 1,093,925 -5.8 80.1 2.8
2017 986,403 -9.8 73.9 -6.1

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded data.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Fidelity Bonds, 2007-2016

($000)
Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2007 $1,239,760 -0.1% 76.5 10.7 pts.
2008 1,140,617 -8.0 84.2 7.7
2009 1,098,372 -3.7 105.4 21.2
2010 1,082,534 -1.4 95.8 -9.6
2011 1,098,225 1.4 102.0 6.2
2012 1,096,406 -0.2 99.4 -2.6
2013 1,124,199 2.5 92.9 -6.5
2014 1,165,280 3.7 92.9 (4)
2015 1,161,375 -0.3 77.3 -15.7
2016 1,093,913 -5.8 80.1 2.8

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded numbers.
(4) Less than 0.1 point.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Fidelity Bonds, 2006-2015

($000)
Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2006 $1,240,822 2.0% 87.2 2.1 pts.
2007 1,239,760 -0.1 76.5 -10.7
2008 1,140,617 -8.0 84.2 7.7
2009 1,098,372 -3.7 105.4 21.2
2010 1,082,534 -1.4 95.8 -9.6
2011 1,098,225 1.4 102.0 6.2
2012 1,096,406 -0.2 99.4 -2.6
2013 1,124,199 2.5 92.9 -6.5
2014 1,165,280 3.7 92.9 (4)
2015 1,161,375 -0.3 77.3 -15.7

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded numbers.
(4) Less than 0.1 point.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

FIDELITY BONDS, 2005-2014

($000)
Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2005 $1,216,647 -7.1% 85.1 5.3 pts.
2006 1,240,822 2.0 87.2 2.1
2007 1,239,760 -0.1 76.5 -10.7
2008 1,140,617 -8.0 84.2 7.7
2009 1,098,372 -3.7 105.4 21.2
2010 1,082,534 -1.4 95.8 -9.6
2011 1,098,225 1.4 102.0 6.2
2012 1,096,406 -0.2 99.4 -2.6
2013 1,124,199 2.5 92.9 -6.5
2014 1,165,280 3.7 92.9 (4)

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded numbers.
(4) Less than 0.1 point.

Source: SNL Financial LC.

FIDELITY BONDS, 2004-2013

($000)
Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2004 $1,309,344 9.9% 79.8 8.9 pts.
2005 1,216,647 -7.1 85.1 5.3
2006 1,240,822 2.0 87.2 2.1
2007 1,239,760 -0.1 76.5 -10.7
2008 1,140,617 -8.0 84.2 7.7
2009 1,098,372 -3.7 105.4 21.2
2010 1,082,534 -1.4 95.8 -9.6
2011 1,098,225 1.4 102.0 6.2
2012 1,096,406 -0.2 99.4 -2.6
2013 1,124,199 2.5 92.9 -6.5

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded data.

Source: SNL Financial LC.

Fidelity Bonds, 2016-2025

($000)
Year Net premiums
written (1)		 Annual percent
change		 Combined
ratio (2)		 Annual point
change (3)
2016 $1,093,941 -5.8% 78.5 1.3 pts.
2017 986,382 -9.8 73.9 -4.6
2018 1,215,050 23.2 73.3 -0.6
2019 1,274,461 4.9 78.4 5.1
2020 1,338,685 5.0 77.6 -0.8
2021 1,364,872 2.0 65.8 -11.8
2022 1,373,409 0.6 70.9 5.1
2023 1,368,115 -0.4 74.3 3.3
2024 1,307,617 -4.4 74.4 0.1
2025 1,310,699 0.2 74.1 -0.3

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded data.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

U.S. Insurance-Related Mergers and Acquisitions, 2015-2024 (1)

($ millions)
  Underwriting mergers and acquisitions
  Property/casualty Life/annuity Health/managed care
Year Number of
transactions		 Transaction
values		 Number of
transactions		 Transaction
values		 Number of
transactions		 Transaction
values
2015 35 $39,970 18 $10,228 21 $9,603
2016 38 10,665 13 0 12 1,078
2017 38 7,404 19 5,796 17 75,954
2018 47 15,878 22 6,696 8 2,516
2019 28 8,805 20 9,235 22 17,410
2020 54 10,078 16 9,756 13 4,145
2021 44 9,681 19 33,870 37 20,633
2022 32 13,297 9 70 12 12,940
2023 41 1,151 15 7,570 14 13,208
2024 47 7,211 15 2,245 8 4,475
  Distribution and insurance services mergers and acquisitions
  Distribution Insurance services Total U.S. mergers
and acquisitions
Year Number of
transactions		 Transaction
values		 Number of
transactions		 Transaction
values		 Number of
transactions		 Transaction
values
2015 472 $18,695 88 $22,905 634 $101,401
2016 450 4,204 77 3,461 590 19,408
2017 564 6,594 74 10,645 712 106,393
2018 612 7,085 79 68,304 768 100,479
2019 691 2,389 72 3,669 833 41,508
2020 796 2,725 100 7,452 979 34,156
2021 849 11,175 78 5,914 1,027 81,273
2022 712 1,867 110 5,813 875 33,987
2023 739 15,879 32 0 841 37,808
2024 623 39,497 55 1 748 53,429

(1) Components may not add to totals due to rounding and inclusion of miscellaneous companies. Includes transactions where a U.S. company was the acquirer and/or the target.

Source: ©2025 Conning, Inc., 2024: Global Mergers & Acquisitions in the Insurance Industry. Used with permission.